Wilmington, Delaware, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Automotive PVC Artificial Leathers Market by Type (Seat Leather, Door Panel Leather, and Instrument Panel Leather), and Sales Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2024-2033.”The automotive PVC artificial leather market was valued at $3.0 billion in 2023 and is estimated to reach $4.3 billion by 2033, exhibiting a CAGR of 3.8 % from 2024 to 2033.
Prime determinants of growth
Cost effective nature of PVC artificial leather and advancement in manufacturing technology are the two main drivers driving the growth of global automotive PVC artificial leather market. Furthermore, growth of automotive production and rise in preference for leather alternatives are the two main factors providing an opportunity for global automotive PVC artifical leather market growth. Environmental and health concern is the main factor restraining the growth of the global automotive PVC artificial leather market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $3.0 Billion |
| Market Size in 2033 | $4.3 Billion |
| CAGR | 3.8% |
| Segments Covered | Type, Application, and Region. |
| Drivers | Cost effective nature of PVC leather |
| Advancement in manufacturing technology | |
| Opportunities | Growth of automotive production |
| Rise in preference for leather alternatives | |
| Restraint | Environmental and health concern |
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Segment Highlights
By type, the seat leather segment dominated the automotive PVC artificial leather market in 2023. This is due to factors such as UV resistance, longevity, low maintenance requirements, resilience, and high sheen. In addition, the cost-effectiveness of PVC artificial leather makes it a preferred material for seat upholstery in both high-end and low-end vehicles. However, the door panel leatheris expected to grow at an increasing rate in the automotive PVC artificial leather market. This is due to the rising demand for aesthetically pleasing and durable interior materials in vehicles.
By sales channel, the OEM segment dominated the automotive PVC artificial leather market in 2023 as OEMs procure PVC artificial leather for the interior components of vehicles during the manufacturing process. This includes using PVC artificial leather for seats, dashboard covers, door panels, and other interior trim elements. However, the aftermarket segment will be growing at an increasing rate in the automotive PVC artificial leather market. This is because of the following factors such as affordable price of the aftermarket components, customization option available for customizing the aftermarket component and increasing age of the vehicle.
Regional Outlook
The Asia-Pacific region dominated the automotive PVC artificial leather market in 2023. This is due to the region's substantial automotive manufacturing capabilities, economic growth, and rising living standards, particularly in countries such as China, Japan, and India. However, Europe region will be growing at an increasing rate in the automotive PVC artificial leather market. This is due to the recovery of its automotive industry, stringent regulations aimed at reducing vehicle weight, and a growing trend towards eco-friendly products.
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Recent Developments:
- In December 2022, Kyowa Leather Cloth Company Limited, a world-leading manufacturer for synthetic leather materials for automotive interiors launched the Sobagni, a consumer brand featuring fashion and everyday items made from its own synthetic leather material, using Roland DG’s LEF2-300 benchtop flatbed UV printer to create a range of colorful designs.
- In October 2023, Asahi Kasei Corporation invested in the U.S.-based startup NFW, a producer of non-petroleum-based leather alternatives for car interiors. This strategic partnership enables another major step to support global automotive OEMs in reducing the environmental burden of automobiles.
- In August 2023, Schaffler India Limited acquired the aftersales B2B e-commerce platform Koovers. Koovers is a private limited business with headquarters in Bengaluru that uses a B2B e-commerce platform to provide spare parts solutions to Indian aftermarket workshops. The purchase offers the best possible synergy for Schaeffler's upcoming after-sales operations in India. It will play a significant role in the rapidly expanding and changing aftermarket digital landscape and serve as a major facilitator for the aftermarket ecosystem, including distribution partners.
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